Entain PLC (LSE:ENT) shares edged higher as joint venture BetMGM upgraded its 2022 revenue outlook and reiterated it is on track to make a profit.
The online sports betting and casino business said it will generate US$1.3bn of revenue in 2002, compared to a previous forecast of US$1bn, and start to make money in 2023.
Net revenue from the sports betting venture is expected to be about US$850mln in 2021 with an underlying loss of between US$420mln to US$440mln.
MGM Resorts International (NSX:MGM), Entain’s partner in BetMGM was one of two groups to make a big approach to the Ladbrokes, Coral and Gala Bingo owner last year.
That £8bn offer was rebuffed as was DraftKings' later £15bn approach.
Shares in Entain rose by 1.3% to 1,728p.